Kuwaiti Bank Boubyan Bank said that Moody's credit rating agency has confirmed all elements of the bank's rating in its recently issued report; The agency also confirmed its stable outlook for the bank.
According to the bank's statement to the Kuwait Stock Exchange, today, Tuesday, the agency fixed the long-term deposit rating at (A3) and its future outlook at (stable).
The agency also fixed the bank's short-term deposit rating at (P-2) and the bank's credit rating at (ba1).
Boubyan clarified that fixing the bank's ratings by Moody's would have a positive impact on the bank's position, by continually increasing confidence in the bank and the soundness of its financial position.
The agency's report stated that the assessment is based on the high probability of the presence of ally support from the parent bank (National Bank of Kuwait), in case such support is needed.
Moody's bases its assessment on the strategic solvency and financial importance of Boubyan Bank to its parent company and its importance to the current financial system.
